Transport Manager can i go bancrupt????

kickingkay

right lets just get to the point,
separated from my husband i have moved into rented accomadation he has kept the house on, now i owe about 40k he owes about 30k my question is i am the CPC licence holder for my dads haulage firm, but will this have to stop if i go bancrupt?
the thing is i really dont know what to do for the best there maybe 30k equity in the property i cant pay any of my debts at the moment i was with the cccs but now i have to start a fresh claim with them, i speak to them next week on the phone, if i cant pay my debs will they go after the house anyway??
god its so confusing someone slap me and help me see it more clearly please
thanks
klare

Crown

Hi, Sorry I cant really offer any advice.

Just wanted to say that you may have a more response if you were to post in the BR subforum ar the top of the main page

HAve you contacted the CCCS again and explained the situation? Maybe they can advise if BR is an option

ZTD

kickingkay wrote: »

right lets just get to the point,
separated from my husband i have moved into rented accomadation he has kept the house on, now i owe about 40k he owes about 30k my question

Right...if you're married, it is likely (not cast in stone - rule of thumb only, depends on personal circumstances) the debt and the equity in the house will be evenly split - i.e. £15K equity each, and £35K debt each. If he wants the house, then you will end up with no equity and £20K debt. He will end up with the house and £50K debt.

Again re-emphasise the disclaimer that it's just a rule of thumb. A judge can decide differently.

There will of course be legal costs on top of that.

But how does that change your personal circumstances?

Conor_3

REGARDING THE TRANSPORT MANAGER.

As you are aware, you need to be of "good repute" and banking certainly breaks that.

Good news is that it'd only affect you if you were applying for an O licence or additional vehicles/trailers to be added.

As the CPC holder, you don't necessarily have to be the TM, you only have to have a say/oversight into the running of the vehicles, so your Dad could take over that role whilst you still play a part in maintaining vehicle service schedules and ensuring the company complies with all the legal requirements.

I had a friend who was an O/D and the CPC holder for his O licence. He was bankrupt back in the mid 90's (Thx VATman) when BR was far worse and it had no effect on his operating.

I'd certainly be ringing the Traffic Commissioner for your area and asking for advice though.